01 - Heat olive oil in a large Dutch oven or heavy pot over medium-high heat. Working in batches to avoid crowding, add beef cubes and sear until deeply browned on all sides. Transfer browned beef to a plate and set aside.
02 - In the same pot, add the chopped onion, bell peppers, and jalapeño. Sauté for 4–5 minutes until vegetables have softened. Stir in the minced garlic and cook for 1 minute until fragrant.
03 - Add tomato paste, chili powder, cumin, smoked paprika, oregano, cayenne, salt, and black pepper. Cook for 1 minute, stirring constantly to toast the spices and coat the vegetables evenly.
04 - Return the seared beef to the pot. Pour in the crushed tomatoes, beef broth, and Worcestershire sauce. Stir to combine and bring the mixture to a gentle simmer.
05 - Cover the pot and reduce heat to low. Simmer for 90 minutes, stirring occasionally, until the beef is fork-tender and the flavors have deepened.
06 - Stir in the drained kidney beans and black beans. Simmer uncovered for 20–30 minutes, allowing the stew to thicken and the beans to absorb the surrounding flavors.
07 - Taste the stew and adjust salt, pepper, or chili heat as desired. Ladle into bowls and serve hot, garnished with fresh cilantro, sour cream, or shredded cheese if desired.